This section is from the book "Real Property, An Introductory Explanation Of The Law Relating To Land", by Alfred F Topham. Also available from Amazon: The New Law Of Property.
3. The premises hereby granted are hereinbefore limited to the use of the Trustees for the said term of rive hundred years Upon Trust that if there shall be any child or children of the said intended marriage who shall attain the age of twenty-one years or being a daughter or daughters shall marry under that age (other than and except any and every child who before or when he or she shall attain the age of 21 years or being a daughter shall marry under that age shall be hereby entitled indefeasibly subject to the said term of 500 years and subject to the said yearly rent-charge of £800 if still subsisting to the premises hereby granted or to an undivided part thereof either in possession or in remainder immediately expectant on the determination of the said estate for life of the said Arthur Smith) which child and children (other than and except as aforesaid) are hereinafter called "portionist" and "portionists' respectively Then subject to the provisoes hereinafter contained the Trustees shall at the time or times and by one or more of the means hereinafter specified raise for the portion or portions of any portionist or portionists such a sum of money (clear of all charges except estate duty and settlement estate duty) as is hereinafter mentioned (that is to say) if there shall be but one portionist the sum of £5000 if there shall be two portionists and no more the sum of £7000 if there shall be three portionists and no more the sum of £9000 and if there shall be four or more portionists the sum of £10,000.
And subject to and without derogating from the estate for life of the said Arthur Smith except with his consent in writing the Trustees shall be interested in and stand possessed of the sum which shall so become raiseable for portions or a portion as aforesaid (hereinafter called "the portion fund ") Upon the trusts hereinafter expressed (that is to say)
(1) In trust for all or such one or more exclusively of the others or other of the portionists and the issue of a portionist or of portionists if more than one in such shares and whether for one or more at such time or times for such interest or interests (which interest or interests as well in the quantity as the quality thereof respectively may be made partially or wholly dependent on the discretion of the Trustees or of any other persons or person who shall be designated or made ascertainable for the purpose by any appointment or appointments creating that interest or those interests) and in all respects whatsoever in such manner as the said Arthur Smith and Mary Jones shall by deed with or without power of revocation and new appointment or will or codicil at any time or times without transgressing the rule against perpetuities appoint and in default of and subject to any and every such joint appointment as aforesaid as the survivor of the said Arthur Smith and Mary Jones by deed with or without power of revocation and new appointment or by will or codicil shall at any time or times without transgressing the rule against perpetuities appoint.
(2) In default of and subject to any and every such appointment as aforesaid In trust for the portionist or all the portionists and if there be more than one in equal shares.
4. Provided always and it is hereby agreed and declared as follows: -
(1) No portionist to whom or to whose issue any part of the portions fund may have been appointed in exercise of the aforesaid power for that purpose shall in default of appointment to the contrary have or be entitled to any share of the unappointed part of the portions fund without bringing the part or parts so appointed to him or her or to his or her issue as aforesaid into hotchpot and accounting for the same accordingly.
(2) The Trustees shall raise the portions fund or so much thereof as shall not in exercise of the power in that behalf hereinafter contained have been previously raised so soon as may be after the said Arthur Smith shall have died and the child or children for payment of whose portion or portions the same may be needed shall have become a portionist or portionists respectively.
(3) The Trustees shall raise such money as they shall need or shall be hereby authorized to raise for a portion or portions or for a part or parts of a portion or portions with interest thereon at the rate of £4 per cent, per annum from the date when the same shall become raiseable by mortgage for all or any part of the said term of 500 years of all or any of the premises hereby granted or by sale of timber or minerals or by and out of the rents profits and income of and from all or any of the premises hereby granted or by all or any of the means aforesaid or by any other reasonable means and every such mortgage may contain all such provisions as the lender or lenders may require and the Trustees may think it expedient to allow and no such person or persons of whom the Trustees shall borrow any money purporting to borrow the same in exercise of the power to raise money by mortgage herein contained shall be bound to inquire whether the money so borrowed be needed or authorised to be borrowed or to see to the application or be responsible for the non-application or misapplication thereof.
(4) The Trustees shall after the death of the said Arthur Smith and if and while there shall be any children or child of the said intended marriage who shall be for the time being entitled (though only presumptively) to portions or a portion and if the Trustees shall think fit so to do by and out of the rents and profits of the premises comprised in the said term or any part thereof raise for the maintenance and education or maintenance or education of every or any child who may become a portionist such a yearly sum as the Trustees shall think proper and as shall not exceed two per cent. per annum if and while that child shall be under the age of twelve years and three per cent. per annum if and while such child shall be over the age of twelve years and under the age of twenty-one years and if female a spinster on the possible portion of that possible portionist or (if any part of that possible portion shall then have already been raised) on the then unraised part thereof but clear of all charges except estate duty and settlement estate duty and income tax and shall apply the same for such maintenance or education as aforesaid in such manner in all respects as they shall think fit and they may either themselves so apply the same or may pay the same to the guardian or guardians or such possible portionist as last aforesaid or to any other person or persons for the purpose aforesaid.